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Tax Deducted By Employer Can’t Be Recovered From Employee

March 27, 2023 2640 Views 0 comment Print

Assessee cannot be called upon to pay the tax which has been deducted at source from his income, even though not deposited by his employer – Quashes demand on employee arising from TDS not deposited by Kingfisher Airlines.

Last Panchnama’s date relevant for determining ‘limitation period’ in block assessments

March 27, 2023 1347 Views 0 comment Print

Supreme Court held that date of Panchnama last drawn would be relevant date for considering period of limitation of two years and not last date of authorisation

Income Tax Protective Assessment & Supreme court in Lalji Haridas vs ITO

March 24, 2023 10524 Views 0 comment Print

Explore the concept of Income Tax Protective Assessment and the Supreme Court’s stance in the case of Lalji Haridas vs ITO (1961). The Income Tax Act lacks provision for protective assessment, but in situations where income ownership is unclear due to litigation, the concept arises. The Supreme Court, in the Lalji Haridas case, established that protective assessments are permissible when ownership cannot be immediately determined.

House gifted to father ‘Colorable device’; Denies Section 54F benefit rightly

March 23, 2023 3444 Views 0 comment Print

Hyderabad ITAT held that gift of house to father just prior to sale of land was a camouflage to claim Section 54F deduction as Assessee owned two house properties

Explanation on Section 139(8A) of Income Tax Act 1961

March 23, 2023 11442 Views 3 comments Print

Section 139(8A) was introduced by Finance Act 2022 and was applicable from 1.4.2022. If we remember in past a belated return u/s Section 139(4) could be filed within one year from the end of assessment year or completion of assessment whichever is earlier. This position was there till Assessment Year 2016-17. 

Property from ‘Will’ eligible for cost indexation from first owner’s acquisition date

March 23, 2023 4119 Views 0 comment Print

Mumbai ITAT holds that while computing capital gains arising on transfer of a capital asset received by the Assessee under a will, the indexed cost of acquisition has to be computed with respect to the year in which the first owner held the asset

Revision application u/s 264 allowable to rectify bonafide mistake

March 22, 2023 8472 Views 1 comment Print

Calcutta High Court held that revision application filed under section 264 of the Income Tax Act allowable on account of bonafide mistake which cannot be rectified by filing revised return since original return was filed belatedly.

Sale of property held with commercial intent taxable as business income, Section 50C inapplicable

March 22, 2023 2091 Views 0 comment Print

ITAT held that profit from sale of property purchased to exploit commercially and sold as a stock in trade cannot be assessed to tax under the head capital gain and shall be assessed under the head, profit and gains of business or profession;

Section 155(14) – Claim of TDS Credit after filing of Income Tax Return

February 4, 2023 41445 Views 0 comment Print

Section 155(14) provides that if any claim of TDS is left at the time of filing of income tax return and assessee subsequently comes to know of any tax deducted by a party but not informed till the date of filing of income tax return,  and subsequently the said TDS is also reflected in Form 26AS, then assessee should file revised income tax return and claim TDS.

HC grants immunity as in Section 270A Penalty notice AO failed to specify the limb under which Penalty was levied

April 7, 2022 10614 Views 0 comment Print

Schneider Electric South East Asia (HQ) PTE Ltd Vs ACIT (Delhi High Court) Mere mention of ‘misreporting’ for denying immunity from penalty, manifestly arbitrary; Notice without ‘specific limb’, unreasonable Delhi High Court allows Schneider Electric’s writ petition, quashes order rejecting immunity under Section 270AA(4) and directs Revenue to grant immunity from penalty under Section 270A; […]

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